UK Money News
20th December 2007
Those facing repossession 'have options'
Homeowners who have got into debt and are under threat of repossession have a number of options open to them, one personal finance advice service has stated.
The Repossessions Advice Centre states that people unable to make their mortgage repayments should draw up a budget before making any agreements with lenders.
This should help to avoid defaulting on any plans established.
Paul Fletcher, director of the service, remarked: "The problem is, as we know, people sit there and bury their heads in the sand because they don't understand it - and they wait for the inevitable to happen."
He added that there are structures in place even if repossession is being considered - and courts may put a feasible pay structure in place to meet the debt.
According to the Council of Mortgage Lenders, the first six months of 2007 saw 14,000 homes repossessed - around 0.12 per cent of all mortgage loans.
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